LTC/USD Target Prices Before Entering Longs or Shorts
Updated
The analysis takes into account historical support and resistance levels, Fib retracement at various levels, RSI levels and also volume. The accumulation zone is highlighted and also the target zones should the accumulation zones (amber and yellow) be broken. As soon as these are taken it appears to offer a good indication of when to open a Short or Long. Basic TA using 1D and 4H time frames.
Once 77.50 level is taken, advise setting S/L at $79.50 and going Short. R only of 1.06 to first target. In theory medium to high risk, but strong indicators reduce risk. Open Long target price of $81.19, S/L at $78.95. Target price 1 of 82.57. R of 0.62 initially, but this is a very weak and old resistance level. Target should be $88.81; R moved to 3.40 and only 22% win rate required.
Once 77.50 level is taken, advise setting S/L at $79.50 and going Short. R only of 1.06 to first target. In theory medium to high risk, but strong indicators reduce risk. Open Long target price of $81.19, S/L at $78.95. Target price 1 of 82.57. R of 0.62 initially, but this is a very weak and old resistance level. Target should be $88.81; R moved to 3.40 and only 22% win rate required.
Note
Update - 1D closing price still within accumulation channel, still waiting on close above or below. Some wicks have tested the levels, but not close so above/below so far. Still waiting for entry.Note
Update; opening Long here, S/L at $79, target price of $88.
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